I'm stumped. I'm not so sure what is the right answer. I'll do some investigation and get back to you if I discover an anything. You should email the people at Lending Tree as they probably can answer it..

I'd be kind of upset at the builder/lender as well for flat out turning me down.

Mark.

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They are so wrapped up in trouncing the customer they fail to see how the ca is beating both of them out of their profits..

Their wrath should be on the ca not the home buyer..

Of Course the consumer is always to blame..

The END ************************* LB 59..

Here's my theory. Many can dispute or agree with this, but I would like to open a dialogue about it. I believe that EQ saw that you were in the process of getting a Lending Tree mortgage because of your CR activity and tipped off RMA. It's happened before to me and I've read complaints on this board about it..

Rblues.

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If you're buying a home the CRAs notify the Cas..

The CAs knowing collections have to be paid or the lender won't make the loan.

Report collection accounts to the CRA on the home buyer..

It don't make any difference if it's true or not or even if you are the one the CA is looking for..

All the CA has to do is report a dummy account and you're hooked..

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Have you even contacted the CA? I had a judgement from a CA pop up on my CR when I applied for my mortgage. I just called them up and they said it was an error. I had a letter from them 2 days later stating the error which I gave to my Lending Tree loan officer and the item was removed from my CR shortly after. No problems at all. The CA was very polite which was a bit confusing for me. LOL..

I hope you get your Lending Tree loan if the CA doesn't cooperate I would sue for damages. You will have plenty if you lose this loan..

Kim..

LAWYER LAWYER LAWYER!!!!!.

I can tell you from *personal* experience that the underwriter is the one with the keys to your house...he/she can ask for a stool sample and without it you get no loan!!!! The bank/loan co reps tremble in fear of the underwriter!!.

We just did a refi and while we did get a lower rate (dropped 2.95%) and some cash-out, I'm not happy with the circumstances of other parts of the deal. But it had to be that way because the underwriter said so...well that or we go with another Lending Tree mortgage company but we were too far down the rabbit hole for that..

The underwriters really only take paper they have in-hand. Yeah, she could probably see that the CA would drop off in June but she didn't really care. The fact that it's there is the overriding factor. Hell, I have a 401k Lending Tree loan that they counted in the debt-income ratio penalizing me 0.05% on the Lending Tree loan even though the 401k Lending Tree loan goes back into my own retirement account and will be paid off in July 03..

Go straight to an attorney especially if you can find one that specializes in consumer credit issues. If you're really interested in another lender, email me about it...

Amazing story!! Are you planning to do anything with this info? It is a violation of the FCRA...

Ohhh, I have my plans with this little tidbit. It is one of my stronger violations against EXP in my federal complaint..

I am sending in a complaint to EXP this month, citing numerous violations:.

1) refusal to investigate (when I sent EXP two different letters from two different CA's telling them to delete the account).

2) giving me back junk with procedures request.

3) verifying the unverifiable on the 31st day of the investigation (CA gave me a letter they were deleting the account and claims they never verified the account EXP allegedly verified)..

4) refusing to investigate another account.

5) hiding files.

6) refusing to investigate inquiries.

The CA knew it wasn't our account, they had admitted this to before, but they would not delete. Transunion FORCED the CA to delete this same hidden account in May, based on a notarized statement from myself and the account holder, it was gone within one week..

Before I called about the inquiry, I sent a CCCR to EXP complaining about the inquiry from the CA. I wrote that the CA was wrongfully accessing my credit report to harass me into paying a bill for my dad. Of course they ignored my dispute by mail..

I would love to use this information in federal court and HOPE to get a ruling that CRA's are obligated to investigate inquiries. I think a federal published opinion to that effect could be very damaging to CRA's..

These actions have occured over a period of about 11 months...

Have you thought about fha? We had a total of 30+ derogs, a score of 550 and were still able to buy a new home because the lender only looked back 1 year. Our rate is market and we had no problems. Dont go subprime if you can avoid it. Follow through with what others have said, but look into fha...

I agree about the FHA, although it could take a while. It sounds like the lender has some sort of "relationship" with the builder. Probably some sort of commission..

At least contact a different lender. Although the builder can encourage you to use a certain lender, they can't force it...

Most of the time, these lenders DO have have a relationship with the builders...our did. However, these types of lenders usually sell your Lending Tree mortgage right after closing. Ours was sold to Chase Lending Tree mortgage a month after closing. We never even made a payment to the original Lending Tree mortgage company. Of course, we knew this up front, so it was not a biggie..

FHA was awesome for us. 97% Lending Tree loan to value, so only 3% down, which the lender covered with a gift program. Enabled us to save our down payment to pay for fence, etc. Yes, we did roll our costs into the loan, so we are paying for it in the long run, BUT...it was the right decision for us..

Find out if your lender uses fha. Also, wat state are you in? I am in TX and can recommend our lender if you are in TX. They were AWESOME...

FHA is a good deal. I used that once, and it worked really well. Our Lending Tree loan was also sold right away. I think a lot of brokers sell the loans right away. Then if you keep the Lending Tree loan very long, it will probably get sold again..

Rolling other costs in is good for a lot of people. I've done it myself. I know some people say you shouldn't because you pay for it for 30 years. While that's true, you also usually have a lower interest rate and can deduct the interest from your taxes. So it isn't always a bad deal. You have to make decisions based on your circumstances at the time.

I think trying to put people in a "one size fits all" is a really bad idea...

That would be true if people stayed in their house for 30 years. The vast majority of Americans do not, so rolling closing/improvements makes great sense...

THIS IS HAPPENING TO ME RIGHT NOW!! I got preapproved for a loan, so I can bid on a foreclosed hud house. got all my cr reports all cleaned up, got my score in the 700's. got preapproved, put the bid in..

In the mail, 2 days AFTER My preapproval, I got a letter from a ca saying they bought an american express acct!!! I have never HAD an american express!!.

What do you think I should do?? just send a validate letter to ca? I thought it was very strange that NOW it pops up!!! pisses me off to no end! I wont find out about the hud house until later (i bid pretty low, so may not get it), so my lender probably wont pull another report just yet..

I called to get copies of my report, got ex. the acct from the ca is NOT on the ex report..

Advice? validate? attorney?..

LIke I said earlier, when this happened to me all it took was a 10 minute call to the CA and the matter was resolved. I never had to stress over it or wait. As long as you know the account is not your's just call. If they insist that you owe them, then you pull out the validation letters, lawyers, etc. If you can take care of the matter today, why stress over it for the next 30 and possibly lose a house? It was the only time I have ever dealt with a CA that they didn't act like total morons. They said that my name and SSN were very similar to someone that actually did owe the money and it was a simple mistake.



Kim..

DEMAND (IN WRITING) a letter saying that "you do not owe $XXXX to XXXX CA as an agent for AMEX (or any other company) for account #XXXXXXXXX. Your SS# and name do not match, so we made a mistake".

Or some such words.....

So rolling improvements makes great sense..

Marci.

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There is another angle on this..

Adding the improvements later on down the road could cost you more because of inflation.

And you may well pay more than the interest if you finance the improvements with the purchase mortgage..

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